Terrace Capital Secures $10.25M in Non-Recourse Financing for Hilton Garden Inn
Friday June 14th, 2013 - 11:01AM S
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
NEW YORK—Terrace Capital, Inc. has secured $10.25M in non-recourse financing for a 194-room Hilton Garden Inn located in Southfield, MI.
Proceeds of the 69% loan-to-value CMBS loan were used by A&M Hospitality, which constructed the hotel, for the refinance of recourse, local bank construction debt. The new, non-recourse senior debt has a 10-year fixed term and a 25-year amortization schedule and contained substantial cash out.
The five-star, full-service hotel opened in 2012. Amenities include an indoor heated pool, fitness facility, business center, meeting rooms, restaurant and club lounge.
Tags: • Hospitality • Sources of Funding •
As we begin 2015, and what is expected to be a healthy year for the hotel industry with expansion, progress and innovation as key catalysts for growth, Hotel Business is right on board with that momentum, bringing you, with this issue, our own updated product.